The Hawaiian gazette., 1887-04-05
Supreme Court OF tke Hawaiian Isl
ands--In Equity.
g. ". WIIroNs vs.. JoHN H. Patty AND
SAMUEL PARKER.
BEFORE CHANCELLOR JUDI.
onmian q .ls Chans,ller.

PENDANT as pledge and for an &C
count, etc.
A succinct narrative Of the transac
tons between the parties, derived from
the evidence, is as follows:
On the first day of July, 1878, G. w.
Wilfong, being the owner OF twenty
SIX shares OF the capital stock (par
value being $500 eachl of the Hawai-
ian Agricultural Company, a domestic
corporation, pledged the same to c,
Brewer 4 Company as collateral Sc
curlty for the payment OF his note TO
them for $4,000 payable IN two years
with interest ar ten per cent per an
nun. The stock was pledged by an
instrument in writing. the certificates
thereof being delivered 10 c. Brewer
4 Co. and the fact noted on the stock
book OF the Haw. Agricultural Com
pany.
On the 9th December. 1879. John II.
Psty and Samuel Parker. being then
the owners of certain tract Of land
snd certain other property in Hams
kua, Hawaii, constituting sugar cane
planting enterprise, agreed IN writ
ing TO sell the same 10 Mr.. Wilfong
for the sum OF $4,000. who agreed TO
give to Parker and Patty mortgage
upon said premises TO secure the pur-
chase price, and to include in the said
mortgage the twenty-six shares of
Hsw. Ayr. Co.'S stock. then held by c.
Brewer K Co. as security for Wilfong's
note. On the 14th January, 1880. the
conveyance from Parker and Patty to
Nilfong, and the mortgage from VII
long back 10 them were executed and
shortly thereafter delivered. The
mortgage contains no reference TO this
stock. Patty says 1t was omitted by
mistake Of the conveyancer. as he be
heves, and Wilfong does not under
take 10 say why II was omitted.
Meanwhile Wilfong took possession
OF the plantation and carried il on.
Messers. Sehaefer x Co. acting as his
agents and advancing the necessary
funds and receiving the sugar. Messrs.
Patty and Parker were responsible to
Schaefer 4 Co for these advances. In
April, 1850, Mr.. Patty sent TO Mr.. Vii
long the following letter for him 10
sign:
HoSokAA, April. 1880.
KsSSSrS, c. Brsos- & Co.. Eeso.g,.:
GENTLEMEN: / have given 10 Messrs.
Parker and Patty g mortgage which
includes the twenty six shares OF stock
II the Hawaiian Agricultural Com
pany now held by you as collateral
security TO my note TO you Of $4,000.
After the satisfaction OF Your claim
against me- under the said note
which bears date July 1. 1STS-you
are hereby authorized TO deliver to
said John 81. Patty. one Of the mort
cages, the shares remaining IN your
hands Of the said stock named above.
and his receipt therefor VIII be your
full acQuitanee from further responsi-
bility on this behalf
Your ob't servant.
G. W. WuEoNG"
Wilfong signed and dated it on the
Sth April. and returned ii to Patty
writing also note 10 Patty of the
same date. IN which he says i have
signed the enclosed letter 10 be for /
warded 10 c. Brewer x Co
In the same letter Wilfong writes !
70 Patty. Ny late letters from kau I
speak In high terms Of the young cane /
al Pahala. / feel sure that Pahala 1
vii pay and the stock worth the face /
and interest on the money invested.
Nothing further was done between /
the parties as regards these shares 4
until January 16. 1852. when. as c. (
Brewer K CO. were pressing Wilfong Z
for the payment Of the note, NJ. Patty /
promised Wilfong that be would take 4
II up. which he accordingly did on /
the next day. paving them $4,000 for T
the note which was worth with inter 4
est for two years. less $500 dividends
on the IS shares. declared LIST January.
1882 S6,6So. The note was endorsed
over 70 Paty without recourse" and 4
the stock delivered TO him On the
Company's stock book the transact
ions were noted.-ofC c. Brewer &Co.'s
release OF the shares and that they
were held By Mr.. Patty as collateral
On the 4th April. 1872 Patty writes
TO Wiltong. 7 have taken UP your
note for 5000 at c. Brewer & Co.
and VII feel obliged If you viii su-
thorize them u make the requisite
transfer Of the shares 70 me have
collected $500 for the dividend 81
Mar three per cent. and have given
you credit for the amount"
Under date OF April 6, Wilfong re
plies 10 Paty. acknowledging receipt
Of letter Of April (. and says. Il an
glad 10 notice you have collected $3.50
dividend Of last quarter on 81. A. Co.
stock and hope It VII be kepFup,
which ] think Il VII. I am not sony
that 1 fought the hesNng up OF the
Pshals Plantation by report Of such q
committee as wSs sent UP by direct
orS The next day, April I. Wilfong
wrote 10 c. Brewer q Co: Please
make complete transfer Of 81 my
stock in H A Co to John h Patty.
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